Market Barometer

Market Commentary

Home Prices Set New Highs

The median price for single-family, re-sale homes in February eked out a $1,000 gain to set a new high of $1,326,000. It was a gain of 10.5% year-over-year. The average price rose 11.4%.

Home sales were off 10.7% last month compared to last February.

The median price for condos gained 24.9%, year-over-year, to reach $730,000. The average price was up 10.3%.

Condo sales were off 25.7% compared to last February.

Homes sold quickly last month, averaging fifty-four days from coming onto the market to when they go under contract. The average since January 2009 is eighty days.

Condos are selling in sixty-one days, compared to the average of eighty-three days.

The sales price to listing price ratio went back over 100% after dipping below 100% in January: 102.5%. The ratio for condos was 100.9%.

Inventory continues to be abysmal. It is just over 30% of the average since 2007. As of the 5th of February, there were two-hundred and twenty-five homes for sale. We average six-hundred and eighty! Inventory was down 31.4% year-over-year.

This is reflected in our Days of Inventory statistic which is at ninety-one. The average is one-hundred and eighteen.

Condo inventory is down 54.1% from last February. There are only sixty-one condos for sale in the entire county!

If you would like to know what’s going on in your neighborhood, click on Recent Sales & Listings. That will tell you what is for sale, what has sold and what is pending in a radius around your home.

Deed vs. Title: What's the Difference?

By: Audrey Ference

Deed vs. title: What's the difference? Most people use the terms interchangeably, but there's a significant difference between the two— a distinction that's important to understand when you're ready to purchase a home. So let's look at what distinguishes deed from title.

Deed vs. title: The difference between these 2 real estate terms

"A deed is a legal document used to confirm or convey the ownership rights to a property," explains Anne Rizzo of Title Source Title Clearance. "It must be a physical document signed by both the buyer and the seller."

Title, however, is the legal way of saying you have ownership of the property. The title is not a document, but a concept that says you have the rights to use that property.

So when you buy a property, you will receive the deed, a document that proves you own it. That deed is an official document that says you have title to the real estate.

How to get the deed and take title of a property

To get the deed and "take title," or legally own the property, your lender will perform a title search. This ensures that the seller has the legal right to transfer ownership of the property to you, and that there are no liens against it. If everything is clear, then at closing the seller will transfer the title to you, and you become the legal possessor of the property.

The title or escrow company will then ensure the deed is recorded with the county assessor's office or courthouse, depending on where you live. You'll generally get a notification a few weeks after closing that your deed has been recorded. If you don't, check with the professional who did your closing and ensure that the paperwork has been filed. At that point, you have the deed and title to the real estate and the property is all yours.

What is title insurance?

Even with all of the due diligence a title company does before closing, there are rare instances when title problems can pop up later (e.g., missed liens and other legal issues that can be very costly to resolve). To protect against any financial loss, two types of title insurance exist: owner's title insurance and lender's title insurance.

"Unlike other types of insurance that protect the policyholder from events that may happen in the future, an owner’s title policy protects the buyer from events that have happened in the past," says Rizzo. "That may jeopardize their financial interest, such as title defects from fraud or paperwork errors, unpaid liens against the property, or claims that someone else is the real, legal property owner."

On the other hand, when you secure a mortgage, your lender or bank will require that you purchase lender's title insurance to protect the lender's investment in case any title problems arise. Lender's title insurance essentially protects the lender's interest in your property, which is typically until your mortgage is paid off.